Eurozone deal fails to breathe new life into markets September 30, 2011 The FTSE 100 opened down today as action to increase the Eurozone’s bailout fund failed to breathe new life into global markets. World stocks fell with European shares set to post their biggest quarterly decline since the collapse of Lehman Brothers three years ago, as investors grappled with a slowdown in global growth and the [...]
Banks in sigh of relief over Vickers rules September 28, 2011 JOHN Vickers has privately reassured Britain’s biggest banks that they will not need to issue billions in complex new debt instruments to comply with his recommendations. City A.M. understands that several anxious lenders sought informal clarification from Vickers’ Independent Commission on Banking (ICB) recently and were told definitively that they will not have to invent [...]
Banks in sigh of relief over Vickers rules September 28, 2011 JOHN Vickers has privately reassured Britain’s biggest banks that they will not need to issue billions in complex new debt instruments to comply with his recommendations. City A.M. understands that several anxious lenders sought informal clarification from Vickers’ Independent Commission on Banking (ICB) recently and were told definitively that they will not have to invent [...]
Why we are not (quite) a new Japan September 21, 2011 SLOWLY but surely, the Bank of England is preparing for another bout of quantitative easing (QE). It hinted as much in yesterday’s minutes, which followed the release of a research paper earlier in the week explaining how it thought QE had boosted the economy last time round. No real surprise there; regardless of what they [...]
FTSE commodities drop on fear over Fed announcement September 21, 2011 BRITAIN’S top shares dropped back yesterday, led by weakness in commodity issues as investors nervously awaited the outcome of a US Federal Reserve meeting with expectations for further economic stimulus seen as already discounted. The FTSE 100 closed down 75.30 points, or 1.4 per cent at 5,288.41, retreating after a two per cent bounce on [...]
Lloyds begins hunt for new finance chief September 19, 2011 LLOYDS has kicked off the search to replace its chief financial officer Tim Tookey after he quit to move back into the insurance industry at Friends Life. Tookey’s departure makes him the third executive to fall by the wayside during chief executive during Horta-Osório’s seven-month tenure, completing a clean-out of the executive board that was [...]
Buxton: Vickers’ bad ideas will drive our banks to Asia September 19, 2011 A MAJOR investor in British banks has slammed the Independent Commission on Banking (ICB) as “completely unnecessary” and likely to drive HSBC and Standard Chartered to Asia. Speaking during a web-conference, Schroders’ head of UK equities Richard Buxton (pictured), who manages a £2.9bn UK fund, said: “On a three-year time horizon, is it extremely likely [...]
FTSE extends gains after a bullish note boosts the banks September 16, 2011 BRITAIN’S leading shares rose yesterday after politicians and central bankers moved to shore up market confidence in the debt-ravaged Eurozone, with the FTSE 100 index breaking above an eight-week technical downtrend. The FTSE 100 ended up 2.1 per cent, or 110.52 points, at 5,337.54, extending the rally into a third straight day. Fresh support from [...]
FTSE extends gains after a bullish note boosts the banks September 16, 2011 BRITAIN’S leading shares rose yesterday after politicians and central bankers moved to shore up market confidence in the debt-ravaged Eurozone, with the FTSE 100 index breaking above an eight-week technical downtrend. The FTSE 100 ended up 2.1 per cent, or 110.52 points, at 5,337.54, extending the rally into a third straight day. Fresh support from [...]
Hong Kong: UK banks welcome September 13, 2011 BRITISH banks looking to move abroad would be welcome in Hong Kong, the country’s chief executive Donald Tsang said yesterday. Tsang said that he would “absolutely” be happy to see HSBC and Standard Chartered move their headquarters from the City. “If HSBC or Standard Chartered were to change headquarters it would not undermine their business [...]